tv Asia Business Report BBC News March 6, 2019 1:30am-1:46am GMT
stories - the chinese premier has unveiled millions of dollars of tax cuts as he forecast a slow growth for the year ahead. and here isa growth for the year ahead. and here is a gathering outside the jail in tokyo where the former nissan boss carlos co h n tokyo where the former nissan boss carlos cohn is being held. it is thought he could walk out on bail, which was set at $9 million by a japanese court —— ghosn. this story is treading on bbc .com. the world's most expensive car has been unveiled at the geneva motor show. worth more than 15 million euros, that's $17 million, and french car manufacturer bugatti revealed its latest design to the media before the event officially kicks off later this week. that's all. stay with bbc world news. and the top story in the uk:
the number of young people under the age of 17 who are victims of knife crime in england have nearly doubled in the past three years. now on bbc news, live to singapore for asia business report. ghosn home? the former nissan boss could leave present today, wednesday, after spending almost four months in detention. huawei's legal battles, the finance chief is due in court later. we look at the stand—off between washington and beijing. good morning, asia, hello, world. it is wednesday. glad you could join us for this mid—week edition of asia business report. we start off with former nissan
chairman carlos ghosn, walking out ofjail chairman carlos ghosn, walking out of jail today after four months chairman carlos ghosn, walking out ofjail today after four months in detention. in as a prize movie has been granted bail by a tokyo court. he faces financial misconduct allegations which he has denied. for the latest i am joined by my colleague mariko oi. we are looking at the revolving doors. what will happen if he will be released soon? that's right. there are many journalist. the decision came as a surprise yesterday. we thought he might be able to walk out ofjail tonight. apparently he wasn't able tonight. apparently he wasn't able to post bail, which is1 billion yen, roughly $9 million us, the sixth highest in japan yen, roughly $9 million us, the sixth highest injapan ever, for the court to reject prosecutor's appeal last night, so if you post bail today he can walk out ofjail later this morning. mr ghosn released a statement saying he is innocent and
he will fight to clear his name. let's remind you, though, how we got here, because it's been over 100 days, if you remember, since his arrest. he was accused of underreporting his salary between 2010 and 2015. that evening the nissan boss held a very angry press conference saying too much power was concentrated on one person. both nissan and partner mitsubishi motors removed mr ghosn as chairman immediately. then, on ten december, mrghosn immediately. then, on ten december, mr ghosn was charged with a first crime, but he was re— arrested on allegations of understating his income for three years, so that's 2015-18. in late income for three years, so that's 2015—18. in late december, though, camea 2015—18. in late december, though, came a surprise. a tokyo court rejected to extend his detention. then he was re—arrested for the third time this time on serious allegations that he shifted his personal investment losses onto nissan. he has denied all of the charges repeatedly. and when he made a court appearance on the eighth of january, he declared his innocence.
he has since been indicted, though, with two otherjudges. and we thought he would remain injail until his first trial, which could be months away. but then on the next day he changed his legal team, and thatis day he changed his legal team, and that is how they managed to get him on bail, the new lawyers, who said the conditions are tough. mr ghosn is under surveillance all the time and his communications will be restricted. but he is apparently allowed to go shopping, or even a one night trip, so long as he doesn't leave japan. 0nce one night trip, so long as he doesn't leave japan. once he is released, his lawyer says mr ghosn may have a press conference. we will watch out for that. all right, we're watching that present very closely. thank you forjoining us. my colleague and business reporter mariko 0i. just as investors started to think the us—china trade war might be coming to an end the trump administration triggered concerns about a fresh conflict this time around india. well it follows the us trade representative office's plan to end preferential treatment for
india that allows duty—free entry for $5.6 billion worth of the country's exports to america. the bbc‘s country's exports to america. the bbc‘s davina gupta in delhi has been speaking with indian officials and the business community. this is down to escalate trade tensions in the region. the us has removed about 1900 goods from a preferential list, which are exported from india, and from now on the exporters will have to pay a hefty duty. so, organic chemicals, farm equipment, it will get more expensive even for us companies to buy them. but the trump presidency has been targeting this. they had said earlier as well that india also has very high tariffs for the us companies. so, bikes coming from the us, dairy products, medical equipment, the us has asked india to lower the tariffs. both have been negotiating a middle ground, but now this announcement, the indian
commerce secretary says it comes at an unexpected surprise. the government will review the issues and come to suitable conclusions. certainly i am not in a position to tell you what we will do and when. he has ruled out retaliatory tariffs. this is what exporters have to say. india is a major exporter to the us under the chemicals category. the price of chemicals may go up as high as around 5%. if that happens, i think the manufacturing sector will also look for some alternatives on that, maybe push the government also. so this will come into effect over the course of the next 60 days, and that's also the time when india is heading into elections. so, for the next government, this will be a top priority. davina gupta reporting. meng wa nzhou, top priority. davina gupta reporting. meng wanzhou, the chief financial officer of huawei will appear ina financial officer of huawei will appear in a canadian court, at the same time as the giant will begin a
lawsuit against the us government. we spoke last month with huawei's chairman's father, who deny the allegations. what did he tell you about the relationship with the chinese government? i'm picking that relationship for any chinese company is very tricky, but mr ren speaking to me last month was categorical. huawei hasn't got where it is today because of any undue influence or favours from the chinese communist party but there has been criticism raised about how close these entities are when you look at the retaliation that china has gone out around the world defending huawei and also the detention and arrest of the two canadians very much being
seen as beijing's way of retaliating for what the united states and canada have done to huawei. listen to what mr ren said to me when i put to what mr ren said to me when i put to him how stridently china is defending huawei around the world. translation: it is the chinese government's duty to protect its people. if the us attempts to gain competitive edge or undermining china's outstanding high—tech talent thanit china's outstanding high—tech talent than it is understandable that the chinese government in turn protects its high—tech companies. chinese government in turn protects its high-tech companies. you do have, or have had links to the military, the fact that there is a chinese communist party committee in your firm, the fact that china is a one party state, can you see how difficult it is for many people around the world to believe that you are free of influence from the chinese communist party? this meeting took place 30 years ago. it would have been dangerous for me. today i can receive your interview and be more straightforward with answering difficult questions. this shows that china has a more open
political environment. please don't think that huawei has become what it is today because we have special connections. even 100% state—owned companies have failed. the good connections companies have failed. the good coi'ii'iectioi'is menu companies have failed. the good connections menu will succeed? huawei's success is very much due to out huawei's success is very much due to our hard work. —— mean you will succeed? ren zhengfei speaking to me from his headquartersjust last month. now, rico, there is extensive reporting that the team and i have done on this company and the challenges that it is currently facing. you can see the web trail on oui’ facing. you can see the web trail on our website. that's where you can get all the information about huawei, one of the world's most controversial companies at the moment. all right, i have read that piece and it is very compelling. everyone must read it, thank you so much for that, my colleague and business reporter karishma vaswani. moving to in other news: in headlines, car giants toyota and bmw have warned
that a no—deal brexit threatens the production of cars in the uk. bmw said it will consider moving production of the mini from britain ina no production of the mini from britain in a no deal scenario. separately they had all toyota's european operation says what it calls a negative outcome could put future investments at its uk factory at risk. shipments of tesla's model 3 have been held up after customs authorities suspended clearance of the electric car. the firm said it has, "reached a resolution with chinese customs over miss printed labels on some vehicles". this comes just weeks after tesla started shipping the vehicle to china, which is the world's biggest car market and is key to the company's future. kyliejenner has and is key to the company's future. kylie jenner has become and is key to the company's future. kyliejenner has become the world's youngest self—made billionaire, according to forbes billionaires list, the youngest member of the kardashian family made her fortune
from her bestselling cosmetics business. the 21—year—old founded and owns kylie's cosmetics, which generated estimated $360 million us in sales last year. wow, 21—year—old billionaire! i wonder when we are going to reach that mark. all right, moving onto the markets. let's look at the asia pacific equity markets. currently, the neck a 225 down 150 points, but the neck a 225 down 150 points, but the all ordinary index gaining 36 —— nikkei. and the hang seng hasjust opened. thank you so much. i'm rico hizon. sport today is coming up next. this is bbc news. the top stories this hour: china's premier announces tax cuts to prop up the economy as he warns of a tough struggle in the year ahead. will wi ll carlos will carlos ghosn be going home? we are watching this jail in tokyo
after the ex— nissan boss was granted bail. amber rudd, the work and pensions secretary, has said that disabled pensioners will no longer face repeat assessments to continue receiving their benefits. from this spring, about 270,000 people will not have to have their personal independence payments regularly reviewed. but a disability group said the reform would still leave millions of younger people stuck in a failing system. 0ur social affairs correspondent michael buchanan reports. i have trouble getting on and off transport, buses, and i can't get on a train at all. buses are difficult, so without the car i would be totally. . . housebound. when diane barrett lost her car for six months following a benefit assessment, she says she lost her independence. the 69—year—old who lives with parkinson's disease fought the decision and won. today's government announcement means she won't now have any more reassessments for personal
independence payments. it's a relief certainly, yes, certainly and it's great. it is wonderful they are taking some notice and listened. funnily enough, i was only thinking about it the other day. i was thinking, oh, the thought, you know, of going through that again, because you have a wodge of papers and that again, with parkinson's, your writing is very bad, and the stress of it. we are not just talking about equality for people with physical disabilities... as well as specific help for pensioners with disabilities amber rudd said she wanted to see more disabled people in work and to change her department's overall image. the benefits system should be the ally of disabled people. it should support them. people with disabilities and health conditions have enough challenges in life. dealing with my department should not be one of them. the government is struggling to make the system work. personal independence payments is 20% more expensive than the benefit it is replacing, and its roll—out is five years behind schedule. claimants are increasingly going to court to overturn negative decisions and almost three quarters of them are winning their cases.
the problem with pip is the assessment process. people are called in for an assessment with a health care professional who doesn't know them, doesn't understand their condition and often get scored zero points or very few points, and the benefit is taken away from them. diane barrett may no longer need to go through an assessment process which she describes as deeply flawed. despite today's relief for pensioners, around 1.8 million other people on the benefit will continue to struggle with a system that many campaigners say is broken. michael buchanan, bbc news. live from the bbc sport centre, this is sport today with me, chris mitchell. coming up for you right now... the big boys are leaving europe. real madrid are out of the champions league. kashima antlers, the defending champions,
win in the asian champions league. and jonny bairstow‘s picking them off at will, as england beat the west indies. a sleeping giant has woken up, and what an awful mess the big fellow has made of real madrid's european ambitions. ajax have beaten real at the bernabeu 4—1, to progress 5—3 on aggregate. the dutch side through a knockout tie for the first time in over 16 years. but what of real? in a week, they've been knocked out of the copa del rey, fallen hopelessly behind in the race for the la liga title, and now they're out of the competition they'd made their own in recent times. john bennett told me that real — a team in decline — were beaten by a team on the rise.